Home / February 27th: London copper prices rise ahead of Powell’s testimony

February 27th: London copper prices rise ahead of Powell’s testimony

Date posted: 28/ 02/ 2018 - The poster: admin

Copper prices in London on Feb. 27 rose in quiet trading as the dollar weakened, ahead of the first Federal Reserve Chairman Jerome Powell’s hearing at the end of the day.

Copper futures on the London Metal Exchange (LME) rose 0.3 percent to $ 7131.5 a tonne, after closing higher in the previous session.

In the previous session, copper traded at $ 7,000-7,250 per tonne, slightly down from a peak of $ 7,312.5 per tonne for the four years ended December.
Copper futures on the Shanghai Futures Exchange dropped 0.3 percent to 53,290 yuan ($ 8,443) a tonne. Other metals gained slightly as the Shanghai stock market surged.
New home sales in the US in January fell for a second month in a row, under pressure from the North and the South, raising fears that the housing market will continue its downward trend.
Mario Draghi, president of the European Central Bank, said the decline in the euro zone’s economy may be higher than previously estimated and that this may slow the rise in inflation. is only temporary and prices will increase.
Statistics from the Peruvian National Mining, Petroleum and Energy Association (SNMPE), Peru’s mineral product exports in 2017 reached $ 27.2 billion.
Among them, export turnover of copper products reached 13.8 billion, up 35.4% over the previous year, accounting for 51% of the total.

Asian stocks rebounded on Tuesday to a three-week high, as US borrowing costs fell ahead of Federal Reserve Chairman Jerome Powell’s first hearing at the end of the day. .